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Precios de referencia

Platts NNE Brazil Anhydrous Ethanol Price Assessment

  • What is NNE Brazil anhydrous ethanol?
  • How do we assess NNE Brazil anhydrous ethanol?
  • Weekly Assessment Commentary
  • Weekly Assessment Rationale
  • Market price heards

What is NNE Brazil anhydrous ethanol?

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Platts NNE Brazil anhydrous ethanol assessment the weekly price benchmark for physical ethanol delivered into Suape, Pernambuco, in northern Brazil.

The assessment reflects anhydrous ethanol Delivered at Place in Suape and takes into consideration ethanol produced regionally, imported from the Center-South region as well as volumes delivered from international locations.

How do we assess NNE Brazil anhydrous ethanol?

The NNE Brazil Anhydrous assessment reflects the weekly tradeable value of a spot anhydrous ethanol at Suape 1-15 days forward from the date of publication, based on trades, bids, offers and indications of tradeable value reported to S&P Global Platts pricing specialists.

Platts editors engage directly with producers, consumers, traders, brokers, and shippers to gather price information. Platts publishes this information and uses it to assess values. The information gathered through market surveys is considered in the final assessment.

These inputs are published throughout the day, in real-time, in the form of "market heards", to allow Platts to test the information, which forms the basis of the assessment and for market participants to give feedback on those inputs.

The assessment reflects a minimum volume 250,000 liters, or 250 m3, maximum volume 1,000,000 liters, or 1,000 m3. Other volumes may also be considered but in relation to the assessed volume range. Platts considers standard payment terms, such as payment within 10 days of delivery.

Weekly Assessment Commentary

The spot price of anhydrous ethanol in Brazil's North-Northeast region raised in the week ended Friday, December 13.

The assessment was totally driven by the regional trades reported in Pernambuco and Alagoas state as the only seller of imported cargo from US was still much higher than the current local market. Ex-mill trades were heard Monday at Real 2,300/cu m out of Paraiba state; however, over the week offers were moving up to Real 2,320/cu m ex-mill Pernambuco state, level which was tested by buyers who did accept to trade at that level.

"NNE Brazil is still trading at a discount if compared with other Brazilian regions," said an international trader, referring to a closed arbitrage to supply NNE from any other Brazilian region. Market sources were confident that there was no reason to see any price drop even with the two vessels arriving next week in the Suape port bringing volume from US.

Importers approached by S&P Global Platts were still not signing any offer level, but confirmed that there was no rush to sell as both can storage the product within their own tank facilities.

According to Platts calculations, anhydrous ethanol transferred by road from a mill in Ribeirao Preto to Suape port was valued at Real 2,720/cu m, a drop of Real 15/cu m week on week. Platts assessed ex-mill Ribeirao Preto anhydrous ethanol at Real 2,320/cu m, proving that CS Brazil is trading at Real 365/cu m premium over the equivalent delivered in Suape.

Platts valued imported anhydrous ethanol delivered CIF Suape, without the 20% import tariff, at Real 2,098/cu m, down Real 45/cu m from last week, proving an open arbitrage of Real 257/cu m for any producer with import quota. The wider arbitrage was attributed to a combination of lower US ethanol price week-on-week and mostly to the stronger Brazilian real exchange rate over US dollar. The imported ethanol including the 20% import tariff was valued at Real 2,503/cu m, proving that there was no profit margin to import ethanol from US paying the import tax.

Weekly Assessment Rationale

DAP Suape anhydrous ethanol for one to 15 days forward from date of publication was assessed at Real 2,355/cu m Friday, an increase of Real 40/cu m week on week.

Platts considered 300 cu m traded Friday basis ex-mill Alagoas state at Real 2,300/cu m, with freight from Alagoas to Suape last heard at 65/cu m, and the last trade heard out of Pernambuco state of 1,000 cu m on Thursday at Real 2,320/cu m. Platts also considered an outstanding offer at the assessment time basis ex-mill Pernambuco at Real 2,320/cu m, and the freight of Real 40/cu m to Suape port.

Market price heards

Delivery time: 1-15 days forward

Heards published on December 13

Quality Indication / Volume Price Location

Anhydrous

Offer

Real 2,320/cu m

ex-mill Alagoas

Anhydrous

Offer

Real 2,320/cu m

ex-mill Pernambuco

Anhydrous

Offer

Real 2,400/cu m

DAP Suape

Anhydrous

Traded "Mon" (375 cu m)

Real 2,300/cu m

ex-mill Paraiba

Anhydrous

Traded "Mon" (60 cu m)

Real 2,300/cu m

ex-mill Pernambuco

Anhydrous

Traded "Wed" (1,500 cu m)

Real 2,300/cu m

ex-mill Pernambuco

Anhydrous

Traded "Wed" (500 cu m)

Real 2,300/cu m

ex-mill Alagoas

Anhydrous

Traded "Thu" (500 cu m)

Real 2,310/cu m

ex-mill Pernambuco

Anhydrous

Traded "Thu" (1,000 cu m)

Real 2,320/cu m

ex-mill Pernambuco

Anhydrous

Traded (300 cu m)

Real 2,300/cu m

ex-mill Alagoas

Anhydrous

Traded (500 cu m)

Real 2,300/cu m

ex-mill Alagoas

Anhydrous

Traded (75 cu m)

Real 2,350/cu m

DAP Suape

Anhydrous

Value

Real 2,600/cu m

DDP Itaqui

Hydrous

Traded "Thu" (out of the state)

Real 1,850/cu m

ex-mill Pernambuco

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